Investing.com — 2024 has been a year of significant market shifts, with some companies rising to new heights while others faced significant headwinds. Investing.com has put together a list of some of the year’s most notable artists:
Tesla (NASDAQ:)
Shares of Tesla (NASDAQ: TSLA) struggled for the first part of the year, but that changed in November after the US elections, with Elon Musk joining newly elected President Donald Trump.
Musk’s support on the campaign trail and his appointment, along with Vivek Ramaswamy as head of Trump’s Department of Government Efficiency, have helped boost Tesla’s stock as investors view it as a “Trump trade.”
In a recent note, analysts at Baird raised their target for Tesla from $280 to $480, based on strong growth prospects for the automaker, supported by cost savings, new models and favorable regulatory dynamics.
“The stock has gained significant momentum and has several potential catalysts. We like the stock long term and would be buyers in a pullback,” the company said. Possible accelerated Cybercab regulation, the rollout of affordable vehicles, and Musk’s ties to President-elect Trump have Baird optimistic about Tesla’s 2025 prospects.
Crypto stocks
With investors also anticipating a favorable environment for the sector, cryptocurrency-focused stocks have also risen following the presidential election.
MicroStrategy (NASDAQ: MSTR) started its rally ahead of the election and is up nearly 400% this year (as of December 27). The stock, seen as a bellwether for Bitcoin exposure, was driven by rising Bitcoin prices and the company’s continued commitment to its cryptocurrency holdings.
Meanwhile, Coinbase (NASDAQ: NASDAQ:) and Robinhood (NASDAQ: NASDAQ:) also benefited from crypto’s resurgence, up more than 58% and 216% respectively this year.
The sector’s stellar performance in recent months reflects a growing belief in the crypto market as Trump prepares to take office in January.
Palantir (NASDAQ:)
Since August, Palantir has skyrocketed and is also up nearly 400% this year, solidifying its position as one of the top performers.
The company’s software solutions and growing adoption across government and private sectors have made the company a standout in the field of data analytics.
Wedbush analysts reiterated their Outperform rating and $75 target for the company’s stock in a note, stating: “With AI spending expected to increase significantly across IT budgets in 2025, we believe the Messi of AI Palantir is in an excellent place to further expand its pipeline. /dealflow.”
They added: “We believe Palantir has a credible path to transforming into the next Oracle (NYSE:) over the next decade, with AIP leading the way, as many on the Street remain major skeptics of AI’s Messi.”
Nvidia (NASDAQ:)
While the above stocks rose mainly towards the end of the year, Nvidia (NASDAQ: NVDA) saw significant gains between January and June. After a setback, the price rose again between August and November and has risen more than 175% this year.
Nvidia has continued to capitalize on the demand coming from AI. The company’s strategic positioning at the forefront of the AI revolution made it an essential stock for growth-oriented investors.
Truist analysts said they are “incrementally constructive” on Nvidia’s AI dominance, maintaining a buy rating on the stock and raising the price target to $204 from $169 in a note.
The company noted that the stock “has been a domestic investment over the past two years due to a new wave of AI demand,” and they expect 2025 to be “another constructive year.”
They state that “all relevant industry contacts support the dominance and superiority of NVDA’s full technology suite,” while they believe that “NVDA will announce a client-side CPU in 2025, creating an additional TAM of ~$35 billion.”
Intel (NASDAQ:)
Unlike the names above, Intel has seen its shares plummet 60% this year.
Challenges surrounding the company’s health and prospects have weighed heavily on performance.
Intel has struggled to maintain its leadership in the global chip market, ceding ground to rivals like AMD (NASDAQ:) and Nvidia. The abrupt resignation of CEO Pat Gelsinger marked a dramatic turn of events, casting even more doubt on the chipmaker’s ambitious plans.
In a research note, Wolfe Research told investors that the biggest problem INTC faces is that “they simply don’t have the scale to be an IDM. [Integrated Device Manufacturer] any longer, and the ability to get help from TSMC will be very difficult.”
Earlier this month, two Intel executives were reported as saying a manufacturing spinoff is possible if a new chip technology planned for next year doesn’t pan out.
